Project Beast has not in any way been confirmed, but everything about this rumor is pointing to it being absolutely legit. Apparently Project Beast is the working title for the next 'Souls game by From Software, and apparently exclusive this time to PS4. Sony's JAPAN Studio is collaborating with From Software on its development. It could end up being Demon's Souls 2, as there has not been a direct sequel to that game. Dark Souls was considered a 'spiritual successor' to Demon's Souls, and the recently released Dark Souls II is only a direct sequel to Dark Souls, not Demon's Souls.

However, Project Beast could be a new branch altogether. Back in 2010, after Demon's Souls had been released worldwide, From Software revealed PROJECT DARK, which was the working name for Dark Souls.

Project Beast is likely to be a 'Souls game of some sort, that much is pretty clear.

I hit F3 and searched for 'Project Beast' before I posted, nothing came up, but I didn't look at each topic so I did not notice the thread 'New "FROM SOFTWARE" and "SONY JAPAN" game for ps4'.

Anyway, assuming this is indeed legit, Project Beast / Demon's Souls 2 / Dark Souls 3 / or totally new Souls entry is my most-anticipated PS4 game for 2015, which is when I think it's most likely to be released.